Minn. R. agency 148, ch. 4900, RENTAL HOUSING FOR INDIVIDUALS, pt. 4900.2802

Current through Register Vol. 49, No. 27, December 30, 2024

Part 4900.2802 - ELIGIBLE APPLICANTS

Subpart 1.Property interest.

An applicant for a rental housing program loan for individuals must, at the time of application, possess one of the following interests in the property:

A. a fee title;

B. a fee title subject to a mortgage or other lien securing a debt capable of prepayment or, at the option of the agency, subordination; or

C. a mutually binding contract or option for the purchase of fee title.

Subp. 2.Applicant eligibility.

To be eligible for selection as a recipient of a loan from a rental housing program for individuals, an applicant must be:

A. a Minnesota nonprofit entity as defined in part 4900.0010, subpart 21, including, but not limited to, a housing and redevelopment authority established under Minnesota Statutes, sections 469.001 to 469.047;

B. a town or home rule charter or statutory city in Minnesota;

C. a cooperative housing corporation as defined in part 4900.0010, subpart 8;

D. a limited dividend entity as defined in part 4900.0010, subpart 14; or

E. a for-profit entity to the extent authorized under Minnesota Statutes, section 462A.21, subdivision 8c.

Minn. R. agency 148, ch. 4900, RENTAL HOUSING FOR INDIVIDUALS, pt. 4900.2802

15 SR 12

Statutory Authority: MS s 462A.06